North Bay Resources Inc. (OTC:NBRI) CEO Jared Lazerson joined Proactive to discuss the company’s progress at the Mt Vernon Gold Mine.
Key updates include the completion of the operating plan, which will allow North Bay Resources to start production upon its approval.
The company is planning a 500-ton bulk sample, which will be used to optimize the mine plan and evaluate the mine’s potential, as well as generate early revenue through gold and platinum production.
Proactive: You've talked about in the last couple of months that there are certain steps that have to take place in order to get to where you want to take the company. Regarding the Mt Vernon Gold Mine, you needed to complete a report to move forward, and that report is now complete. So, maybe tell the audience a bit about what this report is and why it's significant.
Jared Lazerson: Sure. Well, to be specific, there are certain operational requirements, particularly federal ones in this area. So, this was the completion of the operating plan, which now gets filed with the Mining Safety and Health Authority. They will then review it and approve it, and at that point, we can begin production.
It's just one of those critical operational steps. But really, this is the final milestone before we can commence production. Once it's approved, we'll be greenlighted to produce as we see fit. What I'm getting at is that this will be a staged ramp-up.
Can you explain more about the ramp-up plan?
The plan is to conduct a 500-ton bulk sample. That sample will then go to the mill for processing, and we’ll have results from that. These results will help optimize both the mine plan and give us a better understanding of the grade. You can drill and sample as much as you want in exploration, but nothing really gives you a clear picture of the grade and economics like taking a bulk sample.
This is significant—500 tons is equivalent to around 15 to 20 truckloads of ore. If everything goes smoothly, we should produce a significant amount of gold and platinum. This bulk sample will also allow us to move forward and put some points on the board in terms of final gold and platinum sales.
Can you explain the topography of the mine? Is most of it above ground or underground?
Sure. For practical purposes, even though there are some outcrops on the surface, we’re focusing on the existing underground infrastructure. There’s already a modern tunnel, ventilation, power, and airlines in place. That’s why we entered this deal. It’s not an inexpensive deal, but we have favorable terms over many years that allow us to cover the costs through production.
This is a significant mine, and it was already permitted with infrastructure in place. The ramp-up should be straightforward. This was really a key acquisition, and now we're at the turning point. Often, these things take many years, if not decades. We made the acquisition in July, and if we can start by the end of this month, it will be a real testament to the company's growth and outlook.
Sounds exciting. So, when can we expect the federal regulators to sign off?
It’s essentially just a sign-off and possibly an inspection. We’re targeting month-end so within 30 days.
Quotes have been lightly edited for clarity and style